Tata Play becomes first firm to file confidential papers with Sebi for IPO

Offer document open to scrutiny only by regulator, exchanges; the Walt Disney Company-led firm eyeing a Rs 3,000-crore IPO

Tata Play (formerly Tata Sky) has become the first company to take the pre-filing route for its initial public offering (IPO). The direct-to-home platform has pre-filed its draft red herring prospectus (DRHP) confidentially with the Securities and Exchange Board of India (Sebi) on November 29, the Tata group firm has disclosed via a newspaper advertisement.

The capital markets regulator amended the Issue of the Capital and Disclosure Requirements only last month, introducing the concept of confidential filings — popular in the US markets — to the domestic markets.

Under this optional mechanism, an unlisted company is allowed to keep its